Being married for almost ten years now, I was lucky enough to inherit my husband’s family as my own. I became the daughter they never had, the grandchild incubator and the always anticipated, weekly FaceTime call as my husband hates talking on the phone. I also am the person that my father-in-law said would be late to my own funeral.
Every dinner, party, family outing or even just a trip to the store, I always hear the never-missed – while looking at his watch - saying “Are you ready? WE GOTTA GO!” I have literally seen him in the car driving slowly with the passenger door open, and my mother-in-law running with her bags to jump in the car.
But what my father-in-law didn’t realize is that in his angst to get to his destination quickly, we always ended up forgetting something. And with two kids, almost every parent knows, before you go anywhere – even if it’s just the trip to the store or a quick bite to eat – you need a plan. And I mean a well-thought-out, comprehensive plan. Why are we going, what’s the goal, how and what is needed for this to be a success, and what time do we need to be home? If you don’t have these questions answered, we almost always, undoubtedly regret making that one small trip because we forgot to pack the kids snacks, we stayed out too late and missed our daily bedtime routine or we didn’t do enough research on our destination to have the desired outcome we expected.
In so many ways, this applies to meeting deadlines for regulations such as PSD2. Everyone is asking “Are you ready?” or “When will this be implemented?” And while these are valid questions, banks need to take a step back and make sure they have a plan for not just meeting compliance, but also for how PSD2 will affect them down the road.
PSD2 is changing the banking experience as we know it. The consumer experience is at the forefront, competition is coming and security measures are expected to be strong, future-proof and frictionless. Banks need clarification on dates, an understanding of what’s needed and best practices for implementation, and how they can use PSD2 to their advantage – ensuring they meet their CEO’s goal and long-term desired outcome.
We’ve put together a 5-part webinar series that will run November through January. In the series, we will address a wide-range of PSD2 worthy topics, ranging from updates, market trends, technical FAQs, next-gen MFA methods and more. Take a look at the list of webinar topics to find which will help answer the questions you need to make your PSD2 plan and implementation a success.
And next time, when your CEO asks “Are we there yet?,” we can both say: “Don’t worry. We have a plan and understand what it will take for us to get there successfully and on-time.”